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More than 80% of UK adults have financial worries

Half worry about supporting ageing parents

More than 80% of UK adults have financial worries, such as putting money away for their children, trying to get onto the property ladder, supporting elderly relatives or having enough money for their retirement, a poll shows.

The Populus survey of 2,076 UK adults found putting away enough money for retirement topped the list of money worries, with 67% of people ranking this as their biggest financial worry.

This was followed by saving for my children’s future (53%), supporting ageing parents (51%), paying my mortgage (51%) and getting on the property ladder (49%). 

The survey found 61% of adults aged between 18 and 44 are worried about supporting ageing parents or relatives.  

Lisa Caplan, head of financial advice at Nutmeg, which commissioned the survey, said the modern mid-life crisis is much more about the burden of financial responsibility, than the reckless enjoyment of new-found freedoms. “In the past, some were lucky enough to enjoy what can be heralded a ‘second adolescence’, with the safeguards of gold-plated pensions, booming property prices, cheap mortgages, increasing disposable incomes, children leaving home sooner and retirement at 60 (or even earlier if lucky). Today, however, it is plain to see that people are in desperate need of specific financial support,” she stated.